Overly Comments Business Email Compromises

16 July 2019 ACAMS MoneyLaundering.com News

Partner Mike Overly was quoted in an ACAMS MoneyLaundering.com article, "Losses from Suspected Business Email Compromises Tripled Since 2016: FinCEN," about the estimated $300 million in monthly losses from alleged business email compromises reported by U.S. financial institutions.

Overly said the $300 million figure seems low, given the fact that spotting payments associated with BEC fraud can take several months and that the firms victimized by such schemes are sometimes reluctant to acknowledge their losses.

"As the advisory points out, if you've got an isolated situation where fraud is perpetrated, it can be almost impossible to pick up," he said. "We are definitely seeing an uptick."

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